The IT Depot Limited
The IT Depot Limited
Registered number: 03640845
Unaudited Financial Statements
For The Year Ended 31 December 2018
JCS Associates
Chartered Accountants
121 Albert Street
Fleet
Hampshire
GU51 3SR
The IT Depot Limited
Unaudited Financial Statements
For The Year Ended 31 December 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
The IT Depot Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
Registered number:
03640845
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (935,312) | (771,783) | |||
Page 1
The IT Depot Limited
Balance Sheet (continued)
As at
31 December 2018
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
The IT Depot Limited
Notes to the Financial Statements
For The Year Ended 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
On the basis of the projections made by the directors, the reduction in costs and overheads already achieved and the revenue anticipated in the company year the directors are satisfied that the company remains a going concern.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Office and administration |
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Page 3
The IT Depot Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
3.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at |
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| As at |
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| Depreciation | |
| As at |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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4.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| VAT |
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Page 4
The IT Depot Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
5.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to parent undertaking |
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The balances due to the parent undertaking and the directors are unsecured, repayable on demand and interest-free. There are no set terms for repayment.
7.
Related Party Transactions
During the year a director made a loan to the company. The balance outstanding at the year end was £27,510 (2017 £26,510). The loan is interest-free and unsecured. There are no set terms for repayment.
No disclosure is made of transactions with the company's parent company, as permitted by FRS102 1A.
8.
Ultimate Controlling Party
The company's ultimate controlling party is Pitchcom Limited by virtue of its ownership of 100% of the issued share capital in the company.
9.
General Information
The IT Depot Limited Registered number 03640845 is a limited by shares company incorporated in England & Wales. The Registered Office is 121 Albert Street, Fleet, Hampshire, GU51 3SR.
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